20 Sep Term Life Insurance vs. Whole Life Insurance
Life Insurance will help protect your dependents in the event of an untimely death. This type of insurance can be used to cover funeral costs, mortgage payments, school tuition and other expenses that could impact your family after you’re gone.
The two primary types of Life Insurance are: Term Life Insurance and Whole Life Insurance.
Term Life Insurance is a low cost policy that provides coverage for a certain period of time, typically between 1-30 years. This policy protects your beneficiaries in the event that you die prematurely. The policy premium is low and typically stays the same throughout the entire term.
Whole Life Insurance is slightly more expensive than Term Life Insurance but the policy includes additional benefits. It provides life-long coverage and includes a guaranteed cash value, which is accumulated throughout the lifetime of the policy.
When considering any type of insurance, be sure to do your research and decide which type may work best for you and your family. This can be a tough decision, especially when it comes to protecting your loved ones in the possibility of an untimely death. It is always best to be covered, so you and your family can live with peace of mind.